Sherry Cooper
Sherry Cooper
Sherry S. Cooperis a Canadian-American economist. Cooper is currently Chief Economist for Dominion Lending Centres. She was Executive Vice-President and Chief Economist of BMO Financial Group, with responsibilities for economic forecasting and risk assessment. She comments regularly in the press on financial issues...
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The great post-Katrina inflation scare has vanished, with gasoline prices coming back down to Earth and core inflation on track to match the Bank of Canada's latest estimate of 1.6 per cent for Q4.
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The inflation data does not take the Fed out of the picture. It does, however, remove the risk of the Fed having to tighten 50 basis points on June 30.
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The inflation data does not take the Fed out of the picture,
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The markets are assuming that the Fed are finished tightening for the year, ... That presumption might prove to be premature. We, and the Fed, will wait and see.
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The economy is in very good shape and people don't realize it. We really do have low inflation and low unemployment, and the economy has been growing at a rate of 3 percent or better since the last recession.
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Foreigners own 11 percent of U.S. stocks -- that's not huge, but at the margin it makes a big difference. And right now there's massive foreign buying of bonds because they're a safe haven amid geopolitical uncertainty -- that could change as well.
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The Fed might have been in a dilemma if signs of slower growth were coupled with signs of a wage/price spiral. However, that is emphatically not the case. The underlying inflation outlook is not a problem for the Fed or the financial markets.
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The Fed and the markets will see few signs of slowing in these figures, but little reason to fear an impending inflation acceleration either ,
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The Canadian poultry industry is, in general, little dependent on exports or imports, but new provincial rules forcing the confinement of birds make the practice of free-range raising more difficult.
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The Christmas season this year might well bring cheer, but consumption growth next year is bound to slow, ... From an annual pace of nearly 4.0 percent in 2004, consumer spending will likely grow at a 3.5 percent rate this year, decelerating to a 2.25 percent pace in 2006.
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Domestic demand remains remarkably strong, as the import data clearly indicate-a prime focus for the Fed,